H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash5

Date

total2

nonborrowed

required

Monetary base3

Reserve balances with F.R Banks4

total

used to satisfy required reserves6

surplus7

Net carryover of reserve balances8

2001-July

39337

39054

37929

615576

7692

43948

31644

12304

Aug.

39668

39484

38460

622037

7576

44030

32091

11938

Sep.

57570

54185

38553

645727

25632

43466

31938

11528

Oct.

44632

44505

43306

635896

12073

45057

32559

12499

Nov.

40124

40040

38672

637643

8833

43104

31291

11813

Dec.

41077

41011

39433

648738

9054

43935

32024

11911

2002-Jan.

43725

43676

42339

653284

9995

45728

33730

11998

Feb.

42491

42461

41124

654928

9273

45693

33218

12475

Mar.

40297

40218

38883

658775

9146

42630

31151

11479

Apr.

40896

40825

39688

663373

9740

42012

31156

10856

May

40242

40130

38969

668139

9209

41819

31033

10786

June

38571

38429

37329

672952

7929

41662

30642

11020

July p

39388

39197

38014

678938

8096

42722

31292

11431

Two weeks ending

2002-June 12

37319

37203

36174

671071

7878

40682

29441

11241

180

26

39423

39273

38177

672922

7979

42130

31444

10686

85

July 10

39349

39155

37829

678702

7909

42968

31440

11528

57

24

38998

38809

37700

679120

8266

42170

30732

11438

82

Aug. 7p

40225

40032

38903

678910

8025

43478

32201

11277

90

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.